Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 15: Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares and dilutive potential common shares, which includes the dilutive effect of stock options and restricted stock grants. Dilutive potential common shares for all periods presented are computed utilizing the treasury stock method.

In the computation of diluted earnings per common share for the three months ended September 30, 2012 and 2011, we have excluded 1,215,475 and 631,000 stock options, respectively, with exercise prices greater than the average market price of the underlying common stock, because their inclusion would have been anti-dilutive. Furthermore, for the three months ended September 30, 2012 and 2011, we have excluded 212,744 and 225,416 of unvested shares of restricted stock, respectively, whose combined unamortized fair value and excess tax benefits were greater in each of those periods than the average market price of the underlying common stock, as their effect would be anti-dilutive.

In the computation of diluted earnings per common share for the nine months ended September 30, 2012 and 2011, we have excluded 1,050,158 and 498,040 stock options, respectively, with exercise prices greater than the average market price of the underlying common stock, because their inclusion would have been anti-dilutive. Furthermore, for the nine months ended September 30, 2012 and 2011, we have excluded 178,773 and 89,690 of unvested shares of restricted stock, respectively, whose combined unamortized fair value and excess tax benefits were greater in each of those periods than the average market price of the underlying common stock, as their effect would be anti-dilutive.

Basic and diluted earnings per share for the three and nine months ended September 30, 2012 and 2011 are calculated as follows:

	Three Months Ended September 30,				Nine months Ended September 30,
(In thousands, except per-share amounts)	2012		2011		2012		2011
BASIC
Net income	$	6,850	$	7,084	$	13,635	$	15,032
Weighted-average common shares outstanding		14,984		14,887		14,931		14,963
Basic earnings per share	$	0.46	$	0.48	$	0.91	$	1.00
DILUTED
Net income	$	6,850	$	7,084	$	13,635	$	15,032
Weighted-average common shares outstanding for basic		14,984		14,887		14,931		14,963
Dilutive effect of stock options and restricted stock		115		260		156		349
Weighted-average common shares outstanding on a diluted basis		15,099		15,147		15,087		15,312
Diluted earnings per share	$	0.45	$	0.47	$	0.90	$	0.98